Question: Question 14 (5 points) Solve the problem. Use the approximate APR formula to estimate the APR, and round rates to the nearest tenth of a

Question 14 (5 points) Solve the problem. Use the approximate APR formula to estimate the APR, and round rates to the nearest tenth of a percent. Eddie Hodges buys a complete stereo with CD for $980, paying it off at $47 98 per month for 2 years. What is the approximate APR of the loan? OA) 16.8% B) 15.3% C) 14% OD) 16.5%

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